GST will help GDP grow by 2%, say experts
Bhubaneswar: The implementation of the proposed Goods and Services Tax (GST) bill will pave the way for creation of a unified market for goods and services, and promises to boost the country’s gross domestic product (GDP) growth rate by up to 2 per cent, said experts who attended a workshop on GST organised by the Finance Department in Odisha Secretariat on Wednesday.
The workshop was organised for State legislators ahead of the special session on the bill tomorrow.
“We hope that the country’s GDP will increase by 2% after implementation of GST. Discussion on GST is going on since 2006 and we are sure that it will benefit both the consumers and the business community. This will certainly help the country’s economy to grow. Besides it will help improve the climate of business across the country,” said National Academy of Customs Excise & Narcotics (NACEN) director general and GST expert PK Das.
“Globally, over the years we are improving in the ease of doing business index. Small countries are adopting simple tax system which attracts business community. By implementing the proposed GST we can also create a better environment for business,” he stated adding GST will initially not apply to crude and high speed diesel.
Addressing media chief minister Naveen Patnaik said uniform tax system across the country will benefit the customers.
“Odisha Legislative Assembly has been convened tomorrow on GST bill. I am sure the workshop will provide an opportunity to enlighten our honourable members on different aspects of GST and pave the way for fruitful deliberations in the House,” the CM noted.
The State government has called for a special session of Legislative Assembly on May 18 and 19 to deliberate on the proposed bill in the House. The bill has been cleared in both the Houses of the Parliament. President Pranab Mukherjee has also approved the landmark legislation last year.